“Can a neutral, regulated crypto custodian become the default institutional gateway for tokenized finance?”
Komainu was spun out in 2018 as a joint venture between Nomura (via Laser Digital), CoinShares, and Ledger to give traditional financial institutions a regulated on-ramp to digital-asset custody. Since securing its Jersey licence in 2019 it has layered on staking (2021), collateral management via Komainu Connect (2023), and tokenised-asset custody, positioning itself as the neutral 'institutional gateway' rather than an exchange. A $75M Series B led by Blockstream in 2025, plus FCA registration, marks a shift toward becoming core infrastructure for tokenised funds and real-world assets, evidenced by the Aviva Investors tokenised USD Liquidity Fund mandate.
Komainu discloses FundBank as its banking provider, according to the Embedded Finance Index 2026.
Komainu does not disclose a bank charter of its own; its banking services are provided through FundBank.
Komainu's lending and capital products are provided by Komainu Connect (in-house) and Komainu CORE (in-house).
Komainu uses FundBank for FX and cross-border payouts.
Komainu's crypto products run on Komainu (in-house) and bitgo.
The Embedded Finance Index 2026 maps 4 layers in Komainu's stack: Banking / BaaS (FundBank); Lending (Komainu Connect (in-house) and Komainu CORE (in-house)); FX & payouts (FundBank); Crypto (Komainu (in-house) and bitgo).
Komainu was founded by Nomura, CoinShares and Ledger and is founded in 2018, headquartered in St. Helier, Jersey, Channel Islands.
Komainu has raised ~$100M (Series A + Series B disclosed) in total (latest round: Series B, 2025).
Get a read on where your own stack stands against Komainu and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.